Australian tech startup Biteable recently announced a $2.8 million AUD Series A investment led by venture capital firms, Tank Stream Ventures and Microequities Venture Capital Fund.
The funding will be used to solidify Biteable’s position as the world’s leading on demand video production software. The capital will also be used to drive further global growth of the platform, which has seen its user base explode from 1.1 million to 3 million users over the last 12 months. The business plans to triple its headcount, growing to a team of 75 over the coming months.
Following the investment, Justin Lipman of Microequities Venture Capital Fund will join the Biteable board of directors, currently composed of the founders and Rui Rodrigues, Managing Partner at Tank Stream Ventures.
Why has Biteable attracted this funding?
With millions of users around the world already using Biteable’s award-winning online video maker to create ads, infographics, animations, explainer videos, and presentations, Lipman believes the business has the potential to dominate the growing global market for on demand video production.
“In the same way that Weebly and Canva have democratised the creation of websites and design collateral respectively, Biteable is driving down the barriers to do-it-yourself high end video production. Biteable is becoming a key enabler for modern B2B marketers who rely on studio quality video storytelling to stand out in an increasingly content saturated marketplace,” says Lipman.
Rodrigues adds, “we’ve been working closely with the Biteable team for 3 years and they’re one of those exceptional teams who managed to exceed everyone’s expectations building what is now a truly global video platform.”
What is the story behind Biteable?
Biteable was founded in 2014 by CEO James MacGregor who says, “Biteable was created to make high-end, studio-quality video storytelling available and affordable to everyone and make the whole process fun.”
With more than 4 million videos created via the Biteable platform to date, MacGregor credits their growth and success to its affordability and fun factor. The platform offers a freemium model or a subscription option of $99 USD per year.
While the platform is already used by major brands, Biteable also focuses on servicing small and medium sized businesses, staying true to their vision of making premium motion design affordable for everyone. In the same way that every company requires a website in 2018, a video is increasingly regarded as core to the essential suite of digital assets required by every business.
With offices in Hobart and Melbourne, and remote staff working across four continents, flexibility and lifestyle options are a priority for Biteable and its growing team.
“We want to make the best product we possibly can,” says MacGregor, “and we believe the way to do that is to have happy, creative people who believe in what they’re doing and actually enjoy coming to work.”
Biteable will make up to 50 new hires this year across development, design, marketing and copywriting to grow their talented and passionate team.